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Capital Assistance to USA Financial Institutions to Address Community Development Needs in the Wake of the COVID-19 Crisis

ELIGIBILITY:

Geographic Focus

USA: AlabamaAlaskaArizonaArkansasCaliforniaColoradoConnecticutDelawareFloridaGeorgiaHawaiiIdahoIllinoisIndianaIowaKansasKentuckyLouisianaMaineMarylandMassachusettsMichiganMinnesotaMississippiMissouriMontanaNebraskaNevadaNew HampshireNew JerseyNew MexicoNew York CityNew YorkNorth CarolinaNorth DakotaOhioOklahomaOregonPennsylvaniaRhode IslandSouth CarolinaSouth DakotaTennesseeTexasUtahVermontVirginiaWashington, DCWashingtonWest VirginiaWisconsinWyoming

USA Territories: American Samoa (USA)Guam (USA)Puerto Rico (USA)Virgin Islands (USA)Northern Mariana Islands (USA)

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Emergency Capital Investment Program (ECIP)

U.S. Department of the Treasury


Agency: Federal

GrantWatch ID #194903

Grant Description

Capital assistance program to USA and territories financial institutions in low- and moderate-income communities to address community and economic development needs. Funding is intended to offset the economic effects of the Coronavirus (COVID-19) health crisis and respond to the needs of small businesses, consumers, nonprofit organizations, community development, and other projects providing direct benefits to LMI communities, Low-Income individuals, and Minorities within the Minority, Rural, and Urban Low-Income and Underserved Areas served by the applicant.

The Department of the Treasury (Treasury) is providing these Application Instructions for Low- and Moderate-Income Community Financial Institutions that are considering applying for a capital investment under the Emergency Capital Investment Program (ECIP or Program).

The Consolidated Appropriations Act, 2021 added Section 104A of the Community Development Banking and Financial Institutions Act of 1994 (the “Act”). Section 104A authorizes the Secretary of the Treasury to establish the Program to support the efforts of Low- and Moderate-Income Community Financial Institutions to, among other things, provide loans, grants, and forbearance for small businesses, Minority-owned businesses, and consumers, especially in Low-iIncome and Underserved Communities, including Persistent Poverty Counties, that may be disproportionately impacted by the economic effects of the COVID-19 pandemic by providing direct and indirect capital investments in Low-and Moderate-Income Community Financial Institutions.

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Eligibility:

  • Others (see text field entitled "Additional Eligibility Criteria" for clarification)

Additional Eligibility Criteria:

Only Low- and Moderate-Income Community Financial Institutions are eligible to participate and receive a capital investment under the Program. As required by the Act, eligible Applicants must:
(1) provide the Secretary, along with the Appropriate Federal Banking Agency or the NCUA, as applicable, an Emergency Investment Lending Plan that:
(a) demonstrates that not less than 30 percent of the lending of the Applicant over the past 2 fiscal years was made directly to LMI borrowers, to borrowers or projects that create direct benefits for LMI populations, to Other Targeted Populations, or any combination thereof, as measured by the total number and dollar amount of loans;
(b) describes how the business strategy and operating goals of the Applicant will address community development needs in communities that may be disproportionately impacted by the economic effects of COVID-19, which includes the needs of small businesses, consumers, nonprofit organizations, community development, and other projects providing direct benefits to LMI communities, Low-Income individuals, and Minorities within the Minority, Rural, and Urban Low-Income and Underserved Areas served by the Applicant;
(c) includes a plan to provide community outreach and communication that, where appropriate, describes the availability and application process of receiving loans made possible by the Program through organizations, trade associations, and individuals that represent or work within or are members of Minority communities; and
(d) includes details on how the Applicant plans to expand or maintain significant lending or investment activity in LMI Minority communities, especially those that may be disproportionately impacted by COVID-19, to historically disadvantaged borrowers, and to Minorities that have significant unmet capital or financial services needs; and
(2) agree to adhere to requirements on preferred stock and other financial instruments issued under the Program set forth in Section 104A(b) of the Community Development Banking and Financial Institutions Act of 1994, and implementing regulations adopted by Treasury.

Pre-Application Information:

Applications are due January 31, 2023 at 11:59 PM ET.

Press Release: https://home.treasury.gov/news/press-releases/jy0047

Additional Funding Information:

Estimated Size of Grant:

Under the Program, each Low- and Moderate-Income Community Financial Institution may only issue financial instruments to Treasury with an aggregate principal amount (or comparable amount) that is not more than $250,000,000 and:
(1) not more than 7.5 percent of Total Assets as of the most recently available Call Report for an institution with Total Assets of more than $2,000,000,000;
(2) not more than 15 percent of Total Assets as of most recently available Call Report for an institution with Total Assets of not less than $500,000,000 and not more than $2,000,000,000; and
(3) not more than 22.5 percent of Total Assets as of most recently available Call Report for an institution with Total Assets of less than $500,000,000.
Across Program investments, Treasury may make not less than $4,000,000,000 available for Eligible Institutions with Total Assets of not more than $2,000,000,000 that timely apply to receive a capital investment under the Program, of which not less than $2,000,000,000 may be made available for Eligible Institutions with Total Assets of less than $500,000,000 that timely apply to receive a capital investment under the Program.

Term of Contract:

The authority to make new capital investments in Low- and Moderate-Income Community Financial Institutions, including commitments to purchase preferred stock or other instruments, provided under the Program will terminate six months after the termination of the national emergency concerning the COVID-19 outbreak declared by the President under the National Emergencies Act (50 U.S.C. 1601 et seq.).

Contact Information:

To apply, click 'ECIP Application Portal' on the URL for Full Text (RFP), below.

For questions and concerns regarding legal documents, send an email to ecip@treasury.gov. Legal documents posted here are for information purposes only.

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